After a recount of the rough, red run for the market week of June 13-17, DoubleLine’s Jeff Mayberry and Samuel Lau review the June meeting of the Federal Open Market Committee (FOMC) and Fed Chair Jerome H. Powell’s subsequent press conference (19:37). The FOMC approved an increase of 75 basis points for the federal funds rate, a move somewhat cushioned by the leaking of the decision to a Wall Street Journal reporter earlier in the week (15:00). Topics covered include why the Fed doesn’t raise the rate in one large move instead of incremental hikes (21:41), dot-plot projections pointing to a deteriorating economic outlook (24:54), and Powell’s press conference performance and mention of “eye-catching” data (29:38).
A red wave washed over the market in the week of June 13-17, leaving investors with nowhere to hide (2:06) as even commodities shared in the pain (9:55) while Bitcoin took a bruising (14:20). On the macro front, the PPI data suggests that inflation may be moderating (17:15) and the LEI number fell as expected (18:58). This episode was recorded before market close June 17, 2022.
Mr. Mayberry joined DoubleLine in 2009. He is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives‐based and multi‐asset strategies. Mr. Mayberry is a Strategist on the Fixed Income Asset Allocation Committee and a contributing member on our Global Asset Allocation and Macro committees. He also co-hosts DoubleLine’s weekly Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Mayberry was a Senior Vice President at TCW for nine years within the Mortgage Group, where he specialized in portfolio and fund monitoring and analytics. He holds a B.S. in Engineering from Harvey Mudd College and an M.S. in Financial Engineering from the Peter F. Drucker Graduate School of Management at Claremont Graduate University.
Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro Committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.
